Richmond Fed President Thomas Barkin called for further interest rate hikes by the US central bank to tame high inflation.
He said he would monitor US economic data to decide how much of a rate hike he would support at the Fed’s next meeting in September.
“I’d like to see inflation under control for an extended period. Until we get that, I think we’re going to have to raise interest rates to restrictive levels,” Barkin told CNBC.
While this week’s data showed an easing of inflationary pressures for July, Barkin commented that he would like to see inflation run at the Fed’s 2% target for “some time” before the central bank halts rate hikes.
Source: Capital
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